Financial inclusion is important, especially in developing countries where access to education and financial literacy is low, which results in high exclusion rates.
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit, and insurance – delivered in a responsible and sustainable way.
With an increase in digital financial services, it means having access and being able to use digital financial services with confidence, ease, and understanding, to improve their lives.
Being able to have access to a transaction account is a first step towards broader financial inclusion since a transaction account allows people to store money and send and receive payments. A transaction account serves as a gateway to other financial services, which is why ensuring that people in Namibia can have access to a transaction account is the focus and the goal for the financial inclusion strategy.
Indicators for financial inclusion:
– Access to financial services and products
– Usage of financial services and products
– Quality of service delivery including financial literacy
The Financial Inclusion section is responsible for enhancing financial inclusion in the country through the following financial education initiatives.
These efforts aim to enhance consumer awareness regarding financial inclusion, fostering a deeper understanding of the concept. The ultimate goal is to reduce inequality by empowering consumers to confidently participate in the financial sector.
Through our Breakfast show, we provide a concise overview of different financial institutions, highlighting their products and services, contributing to a better understanding of the financial industry.
This initiative is geared towards educating vulnerable and underserved groups by covering essential topics such as savings, investments, budgeting, pension and retirement planning, scams, and consumer protection. The aim is to equip pensioners with the knowledge and tools necessary for effective retirement preparation
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